"Globalisation" was coined by Levitt (1983) who describes it as the shrinking of the world as brought about by the expansion of the reach of global media and the reduced cost of communication, resulting in the convergence in the tastes of consumers worldwide and the large-scale creation of global markets for standardised products. According to Giddens (2001), it is "the growing interdependence between different people, regions and countries in the world as social and economic relationships come to stretch worldwide".
It is these economic and political relationships which have encouraged nations to reevaluate their political agenda and economic policies. According to Rosenberg (2000), "The term 'globalisation' after all, is at first sight merely a descriptive category, denoting either the geographical extension of social processes or possibly, as in Giddens' definition, 'the intensification of worldwide social relations'."
Among the major economic changes in a more globalised world is the diminishing role of nation-sates and the increased significance of transnational corporations in the transformation of the economies in bothy the national and international scales. ...Show more